Cogent reports Q1 adjusted EBITDA $68.8M vs. $115.0M last year.

Reports Q1 revenue $247.0M, consensus $250.2M. On-net service is provided to customers located in buildings that are physically connected to Cogent’s (CCOI) network by Cogent facilities. On-net revenue was $129.6 million for the three months ended March 31, 2025, an increase of 0.7% from the three months ended December 31, 2024 and a decrease of 6.5% from the three months ended March 31, 2024. Off-net customers are located in buildings directly connected to Cogent’s network using other carriers’ facilities and services to provide the last mile portion of the link from the customers’ premises to Cogent’s network. Off-net revenue was $107.3 million for the three months ended March 31, 2025, a decrease of 5.2% from the three months ended December 31, 2024 and a decrease of 9.2% from the three months ended March 31, 2024.